With effective market research, you can determine the need for your service, a product's likelihood to sell,
target-market demographics, and desirable store locations. There are numerous ways to uncover this information-from online research to focus groups to counting customers.
To help you meet your target market's needs.
Market research is any organized effort to gather information about markets or customers. It is a very important component of business strategy.
The term is commonly interchanged with marketing research; however, expert practitioners may wish to draw a distinction, in that marketing research is concerned specifically about marketing processes, while market research is concerned specifically with markets
To run a successful business, you need to learn about your customers, your competitors and your industry. Market research is the process of analyzing data to help you understand which products and services are in demand, and how to be competitive.
Market research can also provide valuable insight to help you:
1.Reduce business risks
2.Spot current and upcoming problems in your industry
3.Identify sales opportunities